Top 3 ASX Nickel Stocks (Updated May 2022)

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With its diversity of applications in both technology and industry settings, nickel is a metal that will never go out of style.

Nickel has been commonly used in alloys to create stainless steel, but more recently its manufacturers have found a modern use: batteries. With the rising trend of electric vehicles and the push towards cleaner vehicles, the base metal is in high-demand for its role in the production of lithium-ion batteries.

After a dip in Q1 2020, nickel prices have experienced a steady rise over the last two years. Prices surpassed the US$100,000 per tonne in March this year, prompting the suspension of trading on the London Metal Exchange. While nickel trading resumed mid-March, prices have deflated since then, nearing the US$20,000 per tonne mark in July. That said, both the continued demand for stainless steel in addition to the rising demand for lithium-ion batteries are predicted to drive the prices over the next decade and beyond.

Below the Investing News Network has listed the top nickel stocks on the ASX by their year-to-date gains. Data for the top stocks list was gathered from TradingView's stock screener on May 28, 2022, and market caps were above $50 million at the time.

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Securities Disclosure: I, Marlee John, hold no direct investment interest in any company mentioned in this article.